President Donald Trump on Tuesday evening signed a proclamation that officially doubled Section 232 tariffs on imported steel and aluminum from 25% to 50%. There was one exception: Section 232 tariffs on steel and aluminum from the United Kingdom will remain at 25%, according to a fact sheet published by the White House.
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves offered full-throated support for Section 232 tariffs on imported steel being doubled to 50%. And the top executive of the Cleveland-based steelmaker said the steel industry wanted to see as few exceptions as possible to the tariffs.
Meanwhile, several US trade groups applauded the latest trade announcement.
Section 232 tariffs of 50% on imported steel will go into effect on Wednesday with few exceptions, according to a top White House official.
Briefing on the stay motion will be completed by June 9. If a stay pending appeal is granted, it will likely remain in effect until the Court of Appeals issues a decision, which could be months in the future. The case is almost certain to be appealed to the Supreme Court.
International trade attorneys discuss court decisions this week that left many importers, manufacturers, and even casual observers wondering: What’s next?
The “on again, off again” Trump tariff train continues to chug along, with several important court rulings this week.
Coated sheet imports from Vietnam face steeper anti-dumping duties after Commerce recalculated the rates due to ministerial errors.
The European Union is fast-tracking trade negotiations with the US in the hope of avoiding the 50% tariffs threatened by President Trump.
The US government could acquire a stake in U.S. Steel as part of Nippon Steel’s $14-billion deal for the Pittsburgh-based steelmaker, according to various media reports. The Trump administration sees Washington, D.C., acquiring a “golden share” as part of the deal, according to an article in Kyodo News on Tuesday. This would give the US […]
New developments emerge in the Nippon/USS CFIUS review.
Trump threatens EU with 50% tariff starting June 1.
The CFIUS report is in, but what it contains remains unknown.
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.
International trade remains at the forefront of President Trump’s agenda, especially as new negotiations and investigations continue to be announced.
Commerce began a review of five producers/exporters: NLMK Verona; Officine Technosider; F.A.R. Fonderie Acciaierie; Ferriera Valsider and Metinvest Trametal.
The period under review is Jan. 1, 2022, through Dec. 31, 2022.
The US Commerce Department has provided the final results for the countervailing administrative review of certain corrosion-resistant steel products (CORE) from South Korea.
The UK deal may signal relaxation of the heaviest tariffs. The suspension of the reciprocal tariffs greater than 10% - remember, 57 countries were hit with that - ends on July 9. But it could be extended. If more deals like the one with the UK are struck, the suspensions may continue to permit more agreements - relieving global markets of considerable worry.
The US and UK governments have announced a trade deal in which an “alternative” to the Section 232 steel and aluminum tariffs will be provided.
US Sen. Jim Banks (R-Ohio) and Rep. Frank Mrvan (D-Ind.) have written a letter in support of a “domestically owned and operated American steel industry” being vital to national security.
The tariffs are intended to produce more investment and jobs in US manufacturing. But first, there will be a cosmic change, potentially wiping out millions of jobs in the short run. While administration officials will no doubt cringe at the comparison, it reminds me of the effort to undercut fossil fuels production to address climate change. Led by Democrats, the effort was to destroy fossil fuels so that renewable energy sources would have more space to grow. The result: inflation and electoral defeat in 2024.
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.
Meanwhile, an increasing number think it's too early to say whether the penalties are going to bring more manufacturing to the US.
The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America
Should foreign investment be allowed to reshape the American steel Industry? Not to be lost in the recent on-again-off-again tariff frenzy, Nippon Steel’s proposed takeover of U.S. Steel has also found itself in President Trump’s crosshairs when it comes to trade and industrial policy. Nippon Steel initially announced its nearly $15-billion bid for U.S. Steel […]
President Trump on Wednesday signed an executive order meant to breathe new life into American shipbuilding and curb Chinese dominance in the sector.
Despite ordering a new review of Nippon Steel’s bid for U.S. Steel, President Trump said he is still against selling USS to a Japanese company, according to media reports.
For trading partners, the tariffs will reduce demand for exports and depress growth. Over the coming days, trade partners will almost certainly announce retaliation, which will hit US exports.
Tariffs are taxes that the government collects. Funds are disbursed by acts of Congress. If domestic companies, including manufacturers, are to benefit from “protective” tariffs, they must raise their prices as well. Maybe not by the entire amount of the tariffs, but by some. Inflation will come.